Fraser Valley spring home sales hold steady

Despite persistent inventory shortfalls, housing sales in British Columbia’s Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes. In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales, virtually unchanged compared to March and a slight decrease of 5.1 per cent compared to April 2022. FVREB received 2,478 new listings in April, off by 3.2 per cent compared to March, and down by 31.6 per cent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 per cent increase over March, and 14 per cent less than April 2022. Low inventories nudged prices upward with the composite benchmark price up by 2.8 per cent and single-family detached homes up by nearly four per cent, month-over-month. The average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell.